Weldon Field Montana

Overview of the project

Revitalising a Proven Oil Field with Significant Growth Potential

Located in the heart of Montana's established petroleum province, Weldon Field is one of Globoil's premier redevelopment assets. Combining decades of successful production with substantial remaining oil resources, the field offers a compelling opportunity for investors seeking exposure to a mature, low-risk oil project with significant upside.

Key Investment Highlights

  • Proven oil-producing field in Central Montana
  • Approximately 8 million barrels of historical oil production
  • Estimated 50 million barrels Original Oil in Place (OOIP)
  • High-quality 39° API crude oil
  • Productive Kibby Sandstone reservoir
  • Peak historical well production exceeding 1,200 BOPD
  • Approximately 3,500 acres of productive structural closure
  • Existing infrastructure supporting efficient redevelopment
  • Strong natural water-drive system enhancing recovery
  • Significant upside through horizontal drilling and reservoir optimisation
  • Low geological risk supported by decades of production history

Background of the project

Weldon Field is situated along the productive Cat Creek structural trend in Central Montana, an area recognised for its long history of commercial oil production. Since its discovery, the field has produced approximately 8 million barrels of oil, with production sourced primarily from the Kibby Sandstone reservoir.

The reservoir contains high-quality 39° API crude oil and benefits from strong natural reservoir pressure supported by an active water-drive system. Historical well performance, including peak production rates exceeding 1,200 barrels of oil per day, confirms the excellent productivity of the reservoir.

Extensive geological studies indicate that significant oil remains within the field, providing Globoil with an opportunity to apply modern drilling and reservoir management technologies to maximise recovery and extend the productive life of this proven asset.

Land (Lease) Description

Globoil controls a strategically positioned lease package across Weldon Field, encompassing the principal productive structures and surrounding development opportunities. The project benefits from existing oilfield infrastructure, historical production data, and well-defined geological mapping that significantly reduces exploration risk.

The field covers an estimated 3,500 acres of productive structural closure, with reservoir studies indicating an Original Oil in Place (OOIP) of approximately 50 million barrels. Historical development has demonstrated the effectiveness of the structural trap while leaving multiple opportunities for future infill drilling and reservoir optimisation.

Key advantages include:

  • Established lease position across the productive trend
  • Existing wellbores and supporting infrastructure
  • Extensive geological and production database
  • Proven reservoir continuity
  • Favourable location within an established oil-producing region

This combination of proven acreage and infrastructure enables Globoil to focus investment on production growth rather than greenfield development.

Prospect of the project

Weldon Field represents an attractive redevelopment opportunity supported by proven production and significant remaining resource potential. Geological interpretation suggests that substantial oil remains trapped within undrained reservoir compartments, creating opportunities for additional production through modern drilling techniques.

The project’s redevelopment strategy focuses on:

  • Targeted horizontal drilling to improve reservoir contact
  • Infill drilling within established producing areas
  • Re-entry of existing wellbores where appropriate
  • Reservoir optimisation using modern completion technologies
  • Enhanced geological modelling to identify additional drilling locations

The field’s strong natural water-drive mechanism is expected to support efficient recovery while reducing operational risk. Combined with existing infrastructure and well-defined reservoir characteristics, Weldon offers the potential for attractive development economics and sustained production growth.

Conclusion

Weldon Field is a cornerstone asset within Globoil’s upstream portfolio, offering an exceptional combination of proven production, significant remaining resources, and attractive redevelopment opportunities.

Unlike frontier exploration projects, Weldon benefits from decades of operational history, reducing geological uncertainty while providing a clear pathway for future reserve growth. Existing infrastructure, high-quality reservoir characteristics, and strong historical production create a solid foundation for cost-effective development.

Through the application of modern drilling technologies and disciplined reservoir management, Globoil aims to unlock the field’s remaining potential, extend productive field life, and generate sustainable long-term value for investors.

As part of the Company’s broader Montana development strategy, Weldon Field represents a high-quality investment opportunity with the potential to deliver reliable production growth and attractive returns.